Fidelity Investments said Friday that it named Nancy D. Prior president of the company’s fixed income division and vice chairwoman of Pyramis Global Advisors. She will report to Charlie Morrison, who is president of Fidelity’s $1.9 trillion asset-management organization.
Based in Merrimack, N. H., the fixed-income group manages more than $750 billion in assets.
Prior most recently served as president of money markets (2011-14) and short-duration bonds (2013-14). She succeeds Morrison, who was appointed president of asset management last month.
“A 12-year Fidelity veteran, Nancy has proven herself to be an exceptional leader,” said Morrison, in a press release. “As a member of the fixed income senior leadership team for the past three years, Nancy has skillfully managed our money-market business through one of the most challenging market environments in recent memory, all the while balancing the demands and needs of our clients.”
The asset-management firm notes that Morningstar recently described Fidelity’s fixed-income group as one of “the best in the industry, taking a risk-conscious, team-oriented approach that’s produced strong long-term results.”
Prior joined Fidelity in 2002 as a senior legal counsel for fixed income. She was the managing director of credit research from 2009 to 2011.
“Fixed-income markets are growing and changing rapidly, driven by shifting demographics, regulatory changes and an increased interest in outcome-oriented solutions,” said Prior, in a statement. “I’m very excited to lead Fidelity’s exceptional fixed-income team during a time when investors are actively seeking a trusted, stable provider that can bring innovative solutions that reflect sound judgment and appropriate risk levels for today’s dynamic investing environment.”